Yes, it is. That's a base model 21" iMac 4K and it is a very capable machine (although it's way better with the Fusion Drive and I am surprised they are doing RAM rather than the drive). You might ask if you can foot the $100 for the FD. It's well worth it, although if you are booting from an external it probably does't matter a lick. Otherwise, those old 5400rpm 2.5" SATA drives are just … hopeless!
Otherwise, it's a very good computer.
Question though: Your current iMac, is it a 4-core? The current 3.0 is a 6-core. I am assuming yours is an older model (a 2017 or earlier?).